How Small Business Drives US Economy

How Small Business Drives US Economy What really drives the U.S. economy? No, it is not war. In fact, it is small business firms with fewer than 500 employees that drives the U.S. economy by providing jobs for over half of the nations private workforce. In 2010, there were 27.9 million small businesses in the United States, compared to 18,500 larger firms with 500 employees or more, according to the U.S. Census Bureau. These and other statistics outlining small business contribution to the economy are contained in the Small Business Profiles for the States and Territories, 2005 Edition from the Office of Advocacy of the U.S. Small Business Administration (SBA). The SBA Office of Advocacy, the small business watchdog of the government, examines the role and status of small business in the economy and independently represents the views of small business to federal government agencies, Congress, and the President of the United States. It is the source for small business statistics presented in user-friendly formats and it funds research into small business issues. Small business drives the American economy, said Dr. Chad Moutray, Chief Economist for the Office of Advocacy in a press release. Main Street provides the jobs and spurs our economic growth. American entrepreneurs are creative and productive, and these numbers prove it. Small Businesses Are Job Creators SBA Office of Advocacy-funded data and research shows that small businesses create more than half of the new private non-farm gross domestic product, and they create 60 to 80 percent of the net new jobs. Census Bureau data shows that in 2010, American small businesses accounted for: 99.7% of U.S. employer firms;64% of net new private-sector jobs;49.2%   of private-sector employment; and42.9% of private-sector payroll Leading the Way Out of the Recession Small businesses accounted for 64% of the net new jobs created between 1993 and 2011 (or 11.8 million of the 18.5 million net new jobs). During the recovery from the great recession, from mid-2009 to 2011, small firms led by the larger ones with 20-499 employees accounted for 67% of the net new jobs created nationwide. Do the Unemployed Become Self-Employed? During periods of high unemployment, like the U.S. suffered during the great recession, starting a small business can be just as hard, if not harder than finding a job. However, in March 2011, about 5.5% or nearly 1 million self-employed people – had been unemployed the previous year. This figure was up from March 2006 and March 2001, when it was 3.6% and 3.1%, respectively, according to the SBA. Small Businesses Are the Real Innovators Innovation – new ideas and product improvements – is generally measured by the number of patents issued to a firm. Among firms considered â€Å"high patenting† firms – those being granted 15 or more patents in a four-year period small businesses produce 16 times more patents per employee than large patenting firms, according to the SBA. In addition, SBA research also shows that increasing the number of employees correlates with increased innovation while increasing sales does not. Do Women, Minorities, and Veterans Own Small Businesses? In 2007, the nation’s 7.8 million women-owned small businesses averaged $130,000 each in receipts. Asian-owned businesses numbered 1.6 million in 2007 and have average receipts of $290,000. African-American-owned businesses numbered 1.9 million in 2007 and have average receipts of $50,000. Hispanic-American-owned businesses numbered 2.3 million in 2007 and have average receipts of $120,000. Native American/Islander-owned businesses numbered 0.3 million in 2007 and have average receipts of $120,000, according to the SBA. In addition, veteran-owned small businesses numbered 3.7 million in 2007, with average receipts of $450,000.

How to Write a College Essay That Shares Your Passion

How to Write a College Essay That Shares Your Passion When coaching my college essay clients on how to write a college essay, I always tell them to talk about their real passion and to tell their real story – not to talk about what they think other people want them to talk about. In that vein, today, I’d like to share three of my favorite things with you. One is a recipe, one is a book, and one is a blender. They are all related. And they have little to do with job search or LinkedIn, but they have everything to do with commitment and passion. You could say this is what I might write about for a supplemental college essay, if I were writing one. One of the things that is most important to me in my life, besides writing and personal growth, is health and wellness. I’ve written articles that include kale references, and I blogged on July 17th about the value of regular exercise for productivity. What I put into my body is extremely important to me, and I’ve recently been excited by a book I stumbled across: Zero Belly Smoothies It was love at first sight, and have spent many a Saturday afternoon trying out the recipes that grace its pages. The book, which is now my smoothie bible, has not left its spot next to my Blendtec blender since I started my craze. Chocolate Decadence You might not know this, but smoothies are one of the best ways to get nutrients into your system – they make a great breakfast and are also the perfect replenishment after a workout. I drink them for both occasions! The best thing is that they can be both healthy and delicious. Did you know that you can put black beans, avocado, and banana in a smoothie and make it taste like a rich dessert, while getting 25g of protein? I didn’t, until a few weeks ago. And my life has been transformed. To share my joy over the above-mentioned potion, I’m giving it to you here. You can find this delectable recipe and more at Zero Belly Smoothie Recipes for Breakfast, Lunch and Dessert. RECIPE: Chocolate Decadence Smoothie 1/2 banana (preferably peeled and frozen) 1/4 ripe avocado, peeled, pitted, and quartered 1/4 cup black beans 1/2 cup unsweetened almond milk 1/4 cup chocolate plant-based protein powder 6 ice cubes Water to blend (optional) 300 calories, 9 g fat, 34 g carb, 11 g fiber, 9 g sugar, 25 g protein I also particularly like Zero Belly’s Velvety Elvis smoothie, which includes banana, spirulina, and almond butter. What a treat – and it looks like the ocean! But I can’t find it on the internet and dare not violate any copyrights. Plus I really think everyone with any interest in smoothie creations must buy the book. Of course, you’ll need a blender to do these recipes justice. Whole food smoothies, sadly, cannot be made by hand. Not a Blender Fan? You might be lamenting, â€Å"My blender smells like rubber anytime I make it work hard.† Or, â€Å"My blender is so hard to clean!† or â€Å"My blender leaves big chunks of food in my drink. ‘Smooth’ is the last word I’d use to describe the sludge my blender produces.† Or you might be saying mournfully, â€Å"I have an awesome blender I paid hundreds of dollars for and it’s sitting there on my kitchen counter, next to my unused juicer. I’ve given up.† If you have a Vitamix or Blendtec blender and it’s wasting away unutilized, it’s time to dust it off and get it cranking! If you have any other type of blender, and you are inspired to get serious about smoothies, it’s worth investing in a good one†¦ either a Vitamix or Blendtec. In my opinion, Blendtecs are the better value. I’ve had mine for years and love it more every day. Another advantage of smoothies is that you can freeze them and have your supply ready for the week; and if you’re on the go, they make a quick 1-minute meal. (I’m not a fan of savory â€Å"lunch† or â€Å"dinner† smoothies, but give those a try if you’re curious.) One of my favorite tricks is how to bring a smoothie onto an airplane (it starts as powder and turns into a nutrition-packed meal)! If you travel for work, bringing â€Å"smoothie packs† along with you is a great way to stay healthy while on the road. Ask me if you want to know more about that. Not Really a College Essay So I didn’t really write a college-essay-worthy essay here, since I would never want any student to give advice in a college application. But have I gotten my excitement across – and provided some insight on how to write a unique college essay? I hope so, and if I’ve transmitted any of that excitement to you, I’d be happy to share more of my favorite recipes privately. They might just change your life too. And if you want more advice on how to write a college essay, check out my article,  How to Write a Great College Application Essay: 2017-18 Common App Prompts, or check out my college admissions services  and work with me one-on-one.